Scandal and $6.2 billion loss aside, Dimon remains king of JP Morgan

Tuesday, May 21, 2013 2:41 PM

Jamie Dimon not only survived a much-hyped effort to oust him as chairman of J.P. Morgan Chase & Co.; he killed it. The shareholder resolution to split his roles of chief executive and chairman got just 32 percent of the voting shares, and that wasn't even as much as last year's 40 percent, MarketWatch reported.

In all, it was a big win for Dimon and for the J.P. Morgan board. The directors were re-elected. The proposals and requests to require more transparency in lobbying and divestment from Petrochina all failed miserably.

For every criticism there was a shareholder who spoke up in favor of Dimon, the board and management. One shareholder called on President Barack Obama to handle his job more like Dimon and received a strong round of applause.

That said, the bank does have real issues. Lee Raymond, the former CEO of Exxon Mobil, was under fire for the board credit committee's failure to recognize the scope of the"London Whale"debacle, which cost the bank $6.2 billion.Read more.